Employer branding in the financial sector: New paths for banks in the war for talent

For a long time, the image of a conservative, sober working environment prevailed in the financial sector – a stereotype characterized by suits, traditional structures and little flexibility. But times have changed. Competition for the best talent is more intense than ever. Employer branding is also becoming increasingly important in the financial sector in order to keep up with the competition for highly qualified specialists. Potential employees are not only interested in salary, but also in the overall package: a modern working culture, meaningful tasks and a clear position on current issues such as sustainability and diversity.

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The challenge: tradition vs. innovation

The financial sector has a deep-rooted reputation for stability and security, which has long made it a very attractive employer. However, expectations of companies have changed. Employer branding in the financial sector today means moving away from outdated structures and creating a modern, flexible working culture that appeals to young talent. Gen Z in particular values flexibility, a positive working environment and the opportunity to identify with their employer. These needs are often at odds with the traditional structures of the financial sector.

So how can financial companies manage this balancing act?

Some brands have already started to actively shape this change and show how it can be done!

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New working models: Deutsche Bank leads the way

In recent years, Deutsche Bank has made significant changes to its corporate culture in order to meet the requirements of a modern working environment and an attractive employer brand. A good example is the introduction of the “New Work” approach, which gives employees greater flexibility – far beyond the simple introduction of working from home – in their working arrangements. As a result, 95 percent of the workforce can choose a hybrid working model. The company’s internal strategy consists of four stages: (1) hybrid working, (2) redesigning the real estate, (3) using new IT applications and (4) living the new model in everyday working life. Focus: Giving employees the autonomy to organize their work in a way that is both productive and satisfying.

Flexibility is not just a nice-to-have, but a necessity in order to attract and retain talent. For example, the company emphasizes on its website that New Work is not just a concept for times of crisis, but represents a long-term change that should be firmly anchored in the corporate culture. This shift towards more freedom has not only strengthened the commitment of existing employees, but has also attracted the interest of new talent who might previously have considered other industries.

Sustainability and social responsibility: Triodos Bank impresses with its values

Triodos Bank, known as one of the world’s most sustainable banks, has a clear mission: to promote positive social, environmental and cultural change. The company therefore specializes in investing only in projects and companies that make a contribution to society – be it in the field of renewable energy, sustainable agriculture or social projects. This commitment shows that sustainability and social responsibility are deeply rooted in the corporate culture.

The approach? Financing is only provided for projects that have a demonstrably positive social and environmental impact. This practice is not only consistently applied in business activities, but is also actively emphasized in internal and external communication. This not only strengthens customer trust, but also sensitizes employees to how their daily work contributes to a better world.

Technological innovation: Revolut = digital and international

It’s not always easy for new players in the market to compete with the big names in the search for potential employees. Their advantage, however? They can break with tradition more easily, because it simply doesn’t exist for them. One example of this is Revolut, one of the fastest growing fintech platforms in the world. As a purely digital bank, the platform not only gives its customers access to modern financial solutions, but also relies on a progressive employer brand.

The start-up offers its employees a flexible working culture that places a strong emphasis on personal responsibility and clear goal orientation. Since its foundation, the company has relied on fast decision-making processes and open communication, for example. With over 6,000 employees from more than 100 nations and an average team made up of 3.9 different nationalities, Revolut promotes strong international collaboration and diversity. The company offers flexible working models, including a 60-day “workation” option where all team members can work from different locations worldwide to explore new cultures while remaining productive.

In addition, Revolut has introduced digital solutions that enable efficient collaboration in global teams and give employees the freedom to choose between office work, working from home or a hybrid model. This flexibility not only leads to higher productivity, but also to increased satisfaction. Revolut offers a working environment in which employees feel valued through performance-based equity bonuses and other additional benefits, which further strengthens motivation and loyalty to the company.

You can find out more about working at Revolut on their website.

Diversity and inclusion: How ING is calling for more diversity

Another key aspect of a modern employer brand is the promotion of diversity and inclusion. ING has recognized that employer branding in the financial sector can only be successful if it firmly anchors diversity and inclusion as core values in the corporate culture. The bank has therefore set itself the goal of achieving a proportion of at least 30 percent women in management positions by 2025 and has already initiated several programs to specifically promote female employees and provide them with the necessary resources and networks to advance their careers.

In addition, ING actively promotes a culture of inclusion in which every employee, regardless of origin, religion or sexual orientation, should feel welcome and valued. This is reflected in internal communication, but also in external measures and campaigns that convey the bank’s values to the outside world. For example, the company is a signatory to the Diversity Charter and has been a proud sponsor of Christopher Street Day (CSD) since 2019. Through these approaches, ING not only strengthens the bond with the team, but also positions itself as a pioneer in an industry that has long been considered conservative.

Conclusion: How employer branding in the financial sector decides the competition for talent

Although change in the financial sector has started slowly due to heavy regulation, it is being proactively driven by new players on the market and ultimately supported by old hands in the banking business. After all, no company in the financial sector – large or small – can currently afford to let specialists and young talent leave.

Pioneers such as Deutsche Bank, Revolut & Co. show how employer branding is used in the financial sector to survive in an increasingly competitive job market. Companies that have the courage to break new ground can not only attract the best talent, but also strengthen their position as an attractive employer. Ultimately, a strong employer brand helps to stand out from the competition and motivate the workforce, without which long-term success would not be possible.

If you would like to learn more on employer branding in the pharmaceutical industry, check out our blog: From a sterile image to a vibrant brand: Why pharma needs to focus on employer branding